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CorNeat Vision Ltd.

EIC Accelerator Supports CorNeat Vision Ltd.'s Innovative Project RESEE for Revolutionary Artificial Cornea Development

IsraelEIC Accelerator2021

Table of Contents

  1. The EIC Accelerator Project
  2. The Funding Rounds
  3. The Press Releases
  4. The Technology Advancements
  5. The Partnerships and Customers
  6. The Hiring and Company Growth
  7. The Media Features and Publications

1 The EIC Accelerator Project

EIC Accelerator Program Overview

The EIC Accelerator is a flagship funding program under the European Innovation Council (EIC) designed to support small and medium-sized enterprises (SMEs) and deep-tech startups in developing and scaling innovative technologies. The program primarily aims to bridge the gap between research and commercialization, fostering a vibrant ecosystem for European innovators.

Key Features of the EIC Accelerator:

1. Funding Types: The EIC Accelerator offers two types of funding:
  • Grants: Up to €2.5 million can be awarded to support the development of innovative projects and technologies.
  • Equity Investments: The program provides equity investments of up to €15 million until 2024, and this amount is reduced to €10 million starting in 2025. The equity component aims to enable companies to raise sufficient capital to continue their innovation journey.
2. Eligibility: The program is open to single SMEs or consortia that are developing deep-tech innovations across various sectors, including health, energy, and digital technologies.
3. Phased Application Process: The application process consists of multiple stages:
  • Step 1: A brief proposal submission.
  • Step 2: A detailed proposal focusing on the project's innovation, market potential, and financial viability.
  • Step 3: An interview, where the applicant presents their project to a panel of experts.
4. Support Services: Beyond funding, the EIC Accelerator offers coaching, mentoring, and access to a network of investors, facilitators, and business development experts.

Purpose of the EIC Accelerator in the European DeepTech and Startup Ecosystem

The EIC Accelerator plays a crucial role in the European innovation landscape by: - Fostering Innovation: By providing funding to high-risk, high-potential startups, it encourages the development of groundbreaking technologies that can lead to significant societal and economic benefits.

  • Enhancing Competitiveness: It strengthens the position of European companies in the global market, enabling them to compete effectively with other international players.
  • Stimulating Economic Growth: Through the commercialization of innovative solutions, the EIC Accelerator helps create jobs and boosts economic development across Europe.

Role of the EIC Accelerator in Helping Companies Scale

The EIC Accelerator aids companies in scaling by: - Providing Financial Resources: The combination of grants and equity investments offers a robust financial foundation, enabling companies to undertake large-scale projects that might otherwise be unfeasible.

  • Facilitating Access to Private Funding: The EIC's involvement often acts as a validation signal to private investors, making it easier for startups to attract additional funding. This is crucial for scaling operations, conducting market entry strategies, and expanding product offerings.
  • Offering Expertise and Networks: Through its support services, the EIC Accelerator connects startups with experienced mentors and industry experts who can guide them through scaling challenges.

Summary of EIC Accelerator Winner: CorNeat Vision Ltd. and Their Project RESEE

Company Name: CorNeat Vision Ltd.
Project Acronym: RESEE
Description: A Revolutionary Artificial Cornea and Surgical Procedure
Funding Type: Grant only
Website: corneat.com
Country: Israel
Submission Date: June 16, 2021

Project Overview: RESEE

CorNeat Vision's RESEE project aims to revolutionize the treatment of corneal blindness through the development of an innovative artificial cornea and associated surgical technique. This project is particularly significant given the global prevalence of corneal blindness, which affects millions and often requires corneal transplants.

Technology Basics and Background

1. Artificial Cornea Technology: The RESEE project focuses on creating a synthetic cornea that can be implanted in patients suffering from corneal blindness. Unlike traditional corneal transplants, which rely on donor tissue, this artificial cornea is designed to be biocompatible and to integrate seamlessly with the eye’s existing tissues.
2. Surgical Procedure: The surgical technique associated with the RESEE project is tailored to ensure precise implantation of the artificial cornea, minimizing complications and promoting faster recovery. This technique is designed to be less invasive compared to conventional methods.
3. Market Need: Current treatment options for corneal blindness are limited, and many patients face long waiting times for donors. The RESEE project addresses this pressing need by providing a reliable alternative that could potentially reduce waiting lists and improve patient outcomes.
4. Potential Impact: By offering a solution to corneal blindness, CorNeat Vision aims to enhance the quality of life for millions of affected individuals worldwide. The artificial cornea could also lead to advancements in ocular health technologies, setting new standards in eye care.

In summary, the EIC Accelerator serves as a vital catalyst for innovative projects like CorNeat Vision's RESEE, providing the financial and strategic support necessary for scaling groundbreaking technologies that hold the potential to transform healthcare on a global scale.

2 The Funding Rounds

Since receiving the EIC Accelerator funding on June 16, 2021, CorNeat Vision Ltd., an Israeli medical device company specializing in ophthalmic implants, has secured additional funding to support its growth and product development.

Funding Rounds:

1. August 2021:
  • Amount Raised: $4 million
  • Investor: Guangzhou Sino-Israel Biotech Investment Fund (GIBF)
  • Purpose: The investment aimed to expand CorNeat Vision's activities in the Chinese market, including clinical trials, establishing a manufacturing facility, and marketing the company's first two products. (calcalistech.com)
2. October 2021:
  • Amount Raised: €2.5 million
  • Investor: European Innovation Council Fund
  • Purpose: The grant was awarded to support CorNeat Vision's clinical activities and the manufacturing and automation processes necessary to bring their artificial cornea product to market. (corneat.com)
3. February 2022:
  • Amount Raised: $2.74 million
  • Investor: United States Army
  • Purpose: The grant was announced to support CorNeat Vision's research and development efforts. (pitchbook.com)

Investor Information:

  • Guangzhou Sino-Israel Biotech Investment Fund (GIBF): An Israeli-Chinese investment fund focusing on life sciences, managed by a group of prominent Israeli professionals. (calcalistech.com)
  • European Innovation Council Fund: A European Union initiative supporting innovative companies with high growth potential. (corneat.com)
  • United States Army: Provided a grant to support CorNeat Vision's research and development activities. (pitchbook.com)

Company Valuations:

Specific valuations for CorNeat Vision during these funding rounds are not publicly disclosed. However, the company's funding history indicates significant investor confidence in its innovative ophthalmic implant technologies.

Additional Information:

CorNeat Vision has been actively involved in advancing its product offerings, including the CorNeat KPro artificial cornea and the CorNeat EverPatch synthetic tissue substitute. The company has also been featured in various media outlets, highlighting its contributions to ophthalmic innovation. (corneat.com)

As of April 2025, there are no publicly available records of additional funding rounds or exit events for CorNeat Vision beyond those mentioned above.

3 The Press Releases

Since receiving the EIC Accelerator funding on June 16, 2021, CorNeat Vision Ltd. has made several significant announcements:

1. FDA Clearance for CorNeat EverPatch (June 12, 2023): CorNeat Vision's EverPatch, a synthetic tissue substitute, received 510(k) clearance from the U.S. Food and Drug Administration (FDA). This clearance marks the EverPatch as the world's first non-degradable synthetic tissue substitute for ophthalmic surgery. The EverPatch utilizes the EverMatrix™, a novel material technology capable of integrating with surrounding tissue, offering a permanent solution for ocular surface surgeries. (prnewswire.com)

2. Introduction of EverMatrix™ Material (October 26, 2022): CorNeat Vision unveiled the EverMatrix™, a revolutionary tissue-integrating material technology. The EverMatrix™ is the world's first non-degradable, 100% synthetic, biomimetic Extra Cellular Matrix (ECM) that seamlessly integrates with live human tissue for life. Once implanted, it triggers complex biological processes stimulating cellular proliferation and colonization, leading to full tissue integration without triggering an adverse foreign body response. (prnewswire.com)

3. CorNeat KPro Implantation Featured in Nature (June 2022): The firsthand experience from the first implantation of the CorNeat KPro, CorNeat Vision's artificial cornea, was published in the renowned journal Nature. The case study highlights the potential breakthrough in the treatment of corneal disease, showcasing the integration of the artificial cornea with the eye wall without reliance on donor tissue. (corneat.com)

4. First Patient Regains Sight After CorNeat KPro Implantation (January 11, 2021): CorNeat Vision's first patient regained sight following the implantation of the CorNeat KPro at Rabin Medical Center. The 78-year-old patient, who had been blind for a decade, was able to read text and recognize family members immediately after the bandages were removed. This milestone marks a significant advancement in providing vision restoration to corneally blind individuals without the need for donor tissue. (eyewire.news)

These developments underscore CorNeat Vision's commitment to advancing ophthalmic medical devices and providing innovative solutions for vision restoration.

4 The Technology Advancements

CorNeat Vision Ltd., an Israeli ophthalmic medical device company, specializes in innovative tissue-integrating implants designed to address unmet needs in corneal, glaucoma, and ocular surface surgeries. Their proprietary technology, the EverMatrix™, is a non-degradable, synthetic material that seamlessly integrates with surrounding living tissue, offering enhanced, long-lasting solutions to prevent and reverse blindness. (corneat.com)

Advancements Since EIC Accelerator Funding (June 16, 2021):

Since receiving the EIC Accelerator funding in June 2021, CorNeat Vision has achieved several significant milestones:

1. Product Development and Market Introduction:
  • CorNeat EverPatch: In February 2024, CorNeat Vision launched the CorNeat EverPatch in the United States. This novel synthetic tissue-integrating matrix serves as a permanent scleral reinforcement for ocular surface surgeries, offering advantages over traditional tissue grafts by providing lasting reinforcement without degradation. (ophthalmologybreakingnews.com)
    • 2. Technological Enhancements:
  • EverMatrix™ Technology: In October 2022, CorNeat Vision unveiled the EverMatrix™, a revolutionary non-degradable synthetic material that permanently integrates with live human tissue. This advancement enhances the durability and biocompatibility of their implants, addressing challenges associated with immune rejection and implant degradation. (prnewswire.com)
    • 3. Clinical Demonstrations:
    • First-in-Human Implantation: In January 2021, CorNeat Vision successfully implanted the CorNeat KPro, an artificial cornea, in a 78-year-old patient at Rabin Medical Center in Israel. The patient regained sight immediately post-operation, marking a significant milestone in the treatment of corneal blindness. (prnewswire.com)
    • Remote Surgeon Virtual Presence (RSVP): In March 2021, CorNeat Vision partnered with LiveU and Alcon to implement an on-demand Remote Surgeon Virtual Presence solution. This technology enabled real-time, remote surgical training and supervision, facilitating the initiation of clinical trials for the CorNeat KPro in Canada without the need for international travel. (prnewswire.com)
    4. Intellectual Property and Publications:
    • CorNeat Vision has filed multiple patents to protect its innovations, including those related to the EverMatrix™ technology and its applications in ophthalmology. (corneat.com)
    • The company has published scientific studies and whitepapers detailing the development and clinical applications of its implants, contributing to the advancement of ophthalmic medical devices. (corneat.com)

    These developments underscore CorNeat Vision's commitment to advancing ophthalmic medical devices through innovative technology, successful clinical applications, and robust intellectual property protection.

    5 The Partnerships and Customers

    Since receiving EIC Accelerator funding on June 16, 2021, CorNeat Vision Ltd., an Israeli clinical-stage biomimetic implant and technology company, has established several strategic partnerships to advance its innovative ophthalmic solutions.

    New Partnerships:

    1. LiveU and Alcon (March 2021):
  • Nature and Purpose: CorNeat Vision collaborated with LiveU, a provider of live video streaming and remote production solutions, and Alcon, a global leader in ophthalmology, to develop the Remote Surgeon Virtual Presence (RSVP) solution. This technology enabled remote, real-time 3D HD video training for Canadian cornea experts at the Kensington Eye Institute in Toronto, facilitating the initiation of clinical trials for the CorNeat KPro artificial cornea without the need for international travel. (prnewswire.com)
    • 2. Nelipak Healthcare Packaging (March 2021):
  • Nature and Purpose: CorNeat Vision partnered with Nelipak, a global leader in medical device packaging, to develop custom packaging solutions for the CorNeat KPro. This collaboration ensured the safe and secure delivery of the artificial cornea implant, meeting stringent medical device packaging requirements. (nelipak.com)
    • 3. The Electrospinning Company (Date not specified):
  • Nature and Purpose: CorNeat Vision worked closely with The Electrospinning Company to develop an end-to-end manufacturing process for the CorNeat KPro. This partnership involved designing and manufacturing the implant's components, including the nano-fabric skirt, and assembling them into the final product, addressing challenges posed by COVID-19 travel restrictions. (electrospinning.co.uk)

    • Impact on Market Position and Technological Advancements:

    • Market Position: These partnerships have positioned CorNeat Vision as a leader in innovative ophthalmic solutions, enhancing its credibility and expanding its reach in the global medical device market. The collaboration with Alcon and LiveU has particularly strengthened its presence in North America, facilitating the initiation of clinical trials and potential market entry.
    • Technological Advancements and Scaling: The collaboration with LiveU and Alcon has enabled CorNeat Vision to implement advanced remote training technologies, overcoming geographical barriers and accelerating the training of medical professionals worldwide. The partnership with Nelipak has ensured the development of secure and efficient packaging solutions, crucial for scaling production and distribution. Additionally, working with The Electrospinning Company has streamlined the manufacturing process, enhancing product quality and scalability.

    These strategic alliances have collectively bolstered CorNeat Vision's technological capabilities, market presence, and operational efficiency, positioning the company for sustained growth and innovation in the ophthalmic medical device sector.

    6 The Hiring and Company Growth

    CorNeat Vision Ltd., an Israeli medtech startup specializing in ophthalmic medical devices, received EIC Accelerator funding on June 16, 2021. Since then, the company has experienced notable developments:

    Current Team Size and Hiring Status:

    • Team Size: As of the latest available data, CorNeat Vision has between 10 to 50 employees. (discovery.patsnap.com)
    • Hiring Status: The company's careers page indicates that there are no current job openings. (corneat.com)

    Growth and Expansion:

  • Funding and Market Expansion: In August 2021, CorNeat Vision secured an additional $4 million in funding from the Guangzhou Sino-Israel Biotech Investment Fund (GIBF). This investment is intended to support the company's expansion into the Chinese market, including clinical trials, establishing a manufacturing facility, and marketing its products. (jewishbusinessnews.com)

    • Key Hires and Management Changes:

  • Management Team: The CEO and co-founder of CorNeat Vision is Almog Aley-Raz. (owler.com) However, specific details about recent key hires or major changes in the management or founding team are not readily available in the provided sources.

    • Implications for Company Growth:

    The recent funding and strategic focus on the Chinese market suggest that CorNeat Vision is positioning itself for significant growth. The expansion into China, a large and diverse market, could provide substantial opportunities for scaling operations and increasing product adoption. While the current team size appears stable, the influx of funding and market expansion plans may lead to future hiring and organizational growth to support these initiatives.

    In summary, since receiving the EIC Accelerator funding in June 2021, CorNeat Vision has made strategic moves to expand its market presence, particularly in China, and has secured additional funding to support these efforts. While specific details about team growth and recent hires are limited, the company's strategic direction indicates a focus on scaling and growth in the near future.

    7 The Media Features and Publications

    Since receiving the EIC Accelerator funding on June 16, 2021, CorNeat Vision Ltd. has been featured in various media outlets, publications, and events. Below is a summary of their media coverage and engagements:

    Media Features:

    • Cake Magazine (October 2021): Following Dr. Gilad Litvin's presentation at the 2021 ASCRS conference, CorNeat Vision was highlighted as one of "the next big things in ophthalmic innovation." (corneat.com)
    • Nature Journal (June 2022): The first implantation of the CorNeat KPro was featured, showcasing its potential as a breakthrough in treating corneal diseases. (corneat.com)
    • Globes Financial Newspaper (October 2021): An interview with Almog Aley-Raz and Dr. Gilad Litvin detailed the company's journey and mission to eliminate corneal blindness. (corneat.com)
    • Israel Hayom (January 2021): Reported on a 78-year-old patient regaining sight after receiving CorNeat's artificial cornea, marking a significant milestone for the company. (israelhayom.com)

    Publications:

    • PR Newswire: CorNeat Vision has issued several press releases, including announcements about the CorNeat EverPatch's FDA clearance and its market introduction. (prnewswire.com)
    • Eyewire+ (January 2021): Covered the successful implantation of the CorNeat KPro, highlighting the patient's immediate restoration of sight. (eyewire.news)

    Podcasts and Interviews:

  • OBN Spotlight TV (December 2023): An exclusive interview with Dr. Gilad Litvin discussed the CorNeat EverPatch, its capabilities, and ethical considerations in ophthalmic advancements. (ophthalmologybreakingnews.com)

    • Conferences and Presentations:

  • LSI USA '23 (2023): Almog Aley-Raz presented CorNeat Vision's innovations, including the EverMatrix™, at this conference. (lifesciencemarketresearch.com)

    • Event Involvement:

    • 2021 ASCRS Conference: Dr. Gilad Litvin's presentation was featured in Cake Magazine, emphasizing CorNeat Vision's role in ophthalmic innovation. (corneat.com)
    • 2021 ASCRS Conference: Dr. Litvin's presentation was highlighted in EuroTimes, underscoring the company's advancements in artificial cornea technology. (corneat.com)

    These highlights reflect CorNeat Vision's active engagement in the ophthalmic field and its commitment to advancing treatments for corneal blindness.

    EIC Accelerator Winner - 2021